Jindal Supreme made a strong debut on the stock exchanges as the stock was listed at a 29.3% premium over the issue price on Wednesday, Sept. 23 at 10:00 am. Jindal Supreme shares were listed at Rs 120 apiece on stock exchanges NSE. This reflects a premium of 29.3% over the IPO's upper price band of Rs 93 per share.
Incorporated in March 1974, Jindal Supreme (India) Ltd. has been engaged in the manufacturing and supply of steel pipes, tubes and other steel products catering to infrastructure and industrial applications for over five decades. Its product portfolio includes Mild Steel (MS) black pipes and tubes, galvanised pipes, metal beam crash barriers and Galvanised Iron (GI) tubular poles.
Jindal Supreme IPO Subscription
The initial public offering (IPO) of Jindal Supreme was oversubscribed 181.07 times by the third and final day of bidding on Sept. 18, according to NSE data.
The category-wise subscription breakdown was as follows:
- Qualified Institutional Buyers (QIB): 126.41 times
- Non-Institutional Investors (NII): 327.99 times
- Retail Investors: 149.34 times
Jindal Supreme IPO Details
Jindal Supreme IPO was a book-build issue of Rs 124.88 crore. The issue was a combination of fresh issue of 1.07 crore shares aggregating to Rs 99.89 crore and offer for sale of 26.87 lakh shares worth Rs 24.99 crore. The issue price band for the IPO was set between Rs 88 and Rs 93 per share.
Retail investors were required to bid for a minimum lot size of 161 shares, translating to a minimum investment of Rs 14,973 at the upper end of the price band. Sarthi Capital Advisors Pvt. Ltd. was the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
The company proposes to utilise the net proceeds from the issue towards repayment/pre-payment, in full or in part, of certain outstanding borrowings (Rs 71 crore). The remaining amount will be used for general corporate purposes.
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